Fleet Management

$3.8 Billion Transportation Bond Passed in N.J, Rejected by N.Y.

New York voters rejected a $3.8 transportation bond issue Tuesday, but their New Jersey neighbors overwhelmingly approved a measure that will free up money for roads, bridges and transit by redirecting existing taxes to a dedicated transportation fund.According to the New York Times, the $3.8 billion measure approved in New Jersey dedicates hundreds of millions of dollars a year in sales taxes and taxes on wholesale petroleum products to state transportation projects over four years. The measure rejected by N.Y. voters would have allowed the state to raise $3.8 billion through general obligation bonds, with $1.6 billion going to the Metropolitan Transportation Authority, which runs the city's mass transit systems. The measure would have also set aside an additional $1.9 billion for the state highway program, with the remaining $300 million for upstate transit systems, bridges and for other purposes, the article said.